E-commerce platform Amazon is gearing up to host its flagship sale event, Prime Day, next month as it aims to stimulate sluggish growth in online shopping. Prime Day is a crucial event for Amazon and is typically held in July to boost sales. Last year, the event took place on July 23-24 in India, exclusively for Amazon Prime members.
According to reports, Amazon executives have urged sellers and brands to ensure they have sufficient inventory for the upcoming Prime Day sale. Although the official date has not been announced, sources suggest that it will likely be held in the second half of July.
Sellers have revealed that Amazon has already begun placing orders for the Prime Day event, and preparations are underway. Internally, the company has started testing Prime Day-related updates on its platform.
It’s worth noting that Amazon recently announced the dates for the annual Prime Day shopping event in other global markets, including the US and the UK, which are scheduled for July 11-12.
Earlier this year, Amazon increased the price of its Prime membership in India. The monthly subscription fee was raised from INR 179 to INR 299, while the quarterly plan saw an increase to INR 599 from INR 459. The annual plan, priced at INR 1,499, remained unchanged.
Despite not featuring in Amazon’s earnings call and release for the first quarter of 2023, the company’s Indian operations have been a significant focus in the past. Amazon’s marketplace business, Amazon Seller Services, reported a 23% year-on-year decline in losses to INR 3,649.2 crore in the financial year 2021-22. However, its operating revenue grew over 32% to INR 21,462 crore during the same period.
During the earnings call for the preceding quarter, Amazon acknowledged that its business in emerging countries, including India, Brazil, and the Middle East, would require additional time to become profitable.
As Amazon prepares for Prime Day, the event is expected to boost sales and reignite the growth of e-commerce platforms in India, providing an opportunity for sellers and brands to connect with customers and offer attractive deals and discounts.
